AN UPDATE FROM COHO'S CEO, ANDREW BARNES
As winter approaches, I want to share our progress and confidence in the market. Coho is proud to be a leader in the shared kitchen and commissary space in Canada. While we are growing at a rapid speed, we are doing so with focused intention, always taking into consideration ways we can support our members and investors alike.
We continue our momentum for opening and activating new locations with three new locations coming online since our last update and a further two additional locations slated to open before Christmas 2022.
Industry Trends & Opportunities
The “Cloud Kitchen” market continues to grow – the market was valued at USD $371.9 million in 2020 and we are expected to witness an exponential CAGR of approximately 15% during 2022-2028 according to UnivDatos Market Insights .
According to the same source, North America is expected to see the highest growth driven by an increased desire for better delivery options from the consumer (for example exotic food delivery increased from 11 billion in 2013 to 12.5 billion in 2018).
Increased demand at shared-kitchen facilities is expected as inflation, wage growth, and recessionary concerns continue to put pressure on businesses as entrepreneurs and business owners seek lower cost and more flexible alternatives.
Hightlights at Coho
The opening of three new locations allows us to tap into our pipeline, valued at over $4M ARR representing nearly 500 SMB food businesses in British Columbia.
The imminent opening of a brand new business vertical, will support the retail ambitions of many of our ghost kitchen members, by providing them prime brick and mortar street presence for a combined online and physical recipe for success. The first location launches in White Rock, BC on December 1st, 2022.
Michael Yam, CPA, CA was promoted as CFO. He brings significant executive financial experience to the role – formerly the VP of Finance for Harvest One Cannabis, a high-growth publicly traded start-up, where he was responsible for the financial oversight, capital raises, and key relationships within the business.
Coho featured in natural gas marketing campaign of “Fuelling Canada” organization (Click below for full video)
Coho were presenting sponsors at BC Food and Beverage Awards where 7 Members were featured for recognition.
Thank you for continuing to support the Coho journey!
CEO, Coho Collective Kitchens Inc.
Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies, from start-ups to restaurant groups, seeking turnkey solutions and business services. Each of the Company’s customers, called “Members”, are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.